Urban Company Trims FY24 Losses To INR 93 Cr

Urban Company’s FY24 Loss Narrows To INR 93 Cr, Revenue Jumps 30% YoY

SUMMARY

Urban Company posted a loss before tax of INR 93 Cr in FY24, down 70% YoY from INR 312 Cr a year ago

The startup claimed to have clocked a profit before tax of INR 12 Cr in Q1 FY25 with revenues standing of INR 281 Cr during the period

Inc42 earlier reported that Urban Company raised INR 400 Cr ($50 Mn) from Dharana Capital through a secondary share sale

Hyperlocal services startup Urban Company posted a loss before tax of INR 93 Cr in the financial year 2023-24 (FY24), down 70% year-on-year from INR 312 Cr a year ago.

The Gurugram-based startup’s net revenue rose 30% YoY to INR 827 Cr, ET reported, citing an annual business summary shared by the company.

Inc42 has not independently verified the document.

The company saw its operating EBITDA decline to INR 116 Cr in FY24 as against INR 297 Cr a year ago.

Urban Company clocked a revenue of INR 281 Cr in the June quarter (Q1) of the ongoing fiscal year (FY25). The startup claimed to have clocked a profit before tax of INR 12 Cr in Q1 FY25.

Inc42 earlier reported that Urban Company raised INR 400 Cr ($50 Mn) from Dharana Capital through a secondary share sale.

Founded in 2014 by Abhiraj Singh Bahl, Raghav Chandra and Varun Khaitan, Urban Company offers a range of services such as home cleaning, appliance salon and massage, repair services and painting, among others.

The startup counts Ratan Tata, Accel Partners, Tiger Global, Prosus and Steadview Capital among its backers and has raised more than $646 Mn in funding to date, as per Inc42’s data.

Earlier this year, Bahl announced in a LinkedIn post that Urban Company turned profitable before tax (PBT) in April 2024.

In September last year, Urban Company said that its India business broke even in Q1 FY24 at an “adjusted EBITDA level with negative working capital”.

The company’s net loss declined more than 40% YoY to INR 308 Cr in FY23 from INR 514 Cr in FY22. Meanwhile, its revenue from operations jumped 45% YoY to INR 637 Cr in FY23 from INR 438 Cr in FY22.